According to this brief report, Americans accumulate about $398,000
in credit card debt over their adult lifetimes, on average. Alaska, New Jersey, and Connecticut have the highest lifetime totals, exceeding $450K. Iowa, Wisconsin, and Kentucky have the lowest lifetime credit card debt levels in the U.S. The average American accumulates nearly $400,000 in credit card debt over their lifetime.
But the total varies significantly depending on where people live. In some states, the typical lifetime total exceeds $450,000, while in others it sits closer to $320,000. This map, based on data from JG Wentworth, shows which states accumulate the most and least credit card debt over a lifetime.
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What an absolute useless number: I spend around $40k per year on my credit card but pay off my balance every month. That does not mean I run up a $40k DEBT!
ReplyDeleteSorry, I paid attention in school when doing math, it even was my favorite subject, and therefore have a life-time immunity to BS like this, and of course can't be a Democrite!
What does that even mean? Do they add up all monthly balances over a lifetime? I use them instead of cash, pay the balance every month, and get rewards for doing so, as do a lot of people. Others carry a balance and pay fortunes in interest.
ReplyDeleteI probably spent 200k just at Amazon in the last 20+ years. If it pay it off every month with no fee is it still debt?
ReplyDeleteWhile we certainly have had huge monthly bills, we have NEVER carried a balance beyond the original due date. These numbers are insane. We treat our credit cards as no interest up to 30 day loans.
ReplyDeleteTjey are talking about accumulated amounts of debt over the time period not balances there is a big difference. I have probably racked up more than a few million over time but have a zero balance every month
ReplyDeleteDunno what they're talking about, but whatever it is....it makes no sense. "Debt" is an UNPAID bill. I guarantee that the average person, in any state, is not dying with hundreds of thousands of debt. "Accumulated debt"? Hunh? Equally nonsensical. Maybe a term like "lifetime credit use" would be more understandable. Like Joe and others, I've probably charged a million or more, but my total credit card debt (now and for decades in the past) is whatever the current month's unpaid balance is. A few hundred bucks, usually.
ReplyDeleteAn utterly pointless and useless "statistic".
ReplyDelete